Berlusconi resigns as Italy’s prime minister

Berlusconi Resigns

Silvio Berlusconi, who dominated Italian politics for 17 years, has stepped down as Italy’s prime minister.

The 75-year-old tycoon, ranked as the 118th richest man in the world, tendered his resignation Saturday night after the Parliament passed a set of economic austerity measures demanded by European partners to restore confidence in the country, as it struggles to thwart an economic crisis caused by a ballooning public debt.

Berlusconi’s replacement is expected to be former EU Commissioner for Competitiveness Mario Monti. He is likely to be installed next week, following the apparent consent of key blocs of Berlusconi’s center-right coalition.

Berlusconi, the country’s longest serving postwar prime minister, is currently mired in various investigations, including corruption accusations, as well as for his alleged sex parties.

Here’s a video report from Al Jazeera’s Barbara Serra.